Cantor Fitzgerald reiterated an Overweight rating and $22.00 price target on Ocular Therapeutix (NASDAQ: OCUL) following the company's 1Q earnings report. Management reported a 1Q18 year-end cash and equivalents balance of $63 million, which analyst Elemer Piros believes provides a cash runway beyond a potential NDA decision for DEXTENZA in 2H18 and through 1Q19.

Ocular hosted a conference call to review its quarterly progress and reiterated its guidance to resubmit its application for DEXTENZA in 2Q18. While Ocular announced a delay for its Phase 3 readout with OTX-TP in glaucoma to 1H19 (previously 2H18), Cantor Fitzgerald remains focused on the DEXTENZA franchise, which accounts for the majority of the valuation.

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Shares of Ocular Therapeutix closed at $6.73 yesterday.